Decentralized Applications (dApps) was the buzzword of 2017, and its dApps that were the core of the ICO craze.
Many think because Ethereum and other dApp platforms have had a torrid or at best quiet couple of years since the highs of January 2018, the development of dApps has died down, but that could not be further from the truth.
Developers are building dApps at a much more expansive rate than ever before, and as the web 3.0 rolls out, Ethereum will be the backbone of the “dApp store”.
What Are dApps?
The concept of dApps is still in its infancy, therefore, providing a broad and detailed answer to the question: ‘What are dApps?’ is neither possible nor even perceptible, but we partly know what they are capable of, so allow me to explain.
Decentralized networks such as Ethereum, EOS, and Cardano offer a platform for developers to build new decentralized applications (dApps) on a decentralized and cryptographic protocol, and one which has an inbuilt and immutable economy.
Ethereum is by far the biggest network that facilitates the construction of dApps. Rather than write code from scratch, Ethereum enables developers to write programs in any language, thus simplifying development and ultimately saving developers time and money.
dApps are a new type of software application, that are not owned by any central authority, and cannot be shut down either. They are open-source software that use smart contracts to power them.
Smart contracts are basically a computer program, that self-executes whenever an outcome is determined. Once running, they need no human interaction, and because they’re built on the Ethereum blockchain, they’re also secured by the Ethereum network.
- What is an Ethereum Smart Contract?
- Why Brave Chose Ethereum Over Bitcoin
- 3 Reasons To Buy Ethereum
- What is Ethereum? An Explanation for Beginners
- What is DeFi?
What Can dApps Do That Apps Can’t?
Internet applications provide us with hours of entertainment and they put our social circle at our fingertips, but they’re closed off to development. Nothing can be created on top of them, and the platform they are built on polices everything that is on there.
The dApps being built on the Ethereum blockchain are open source, meaning anybody can audit, and build on them, with hardly any restrictions.
dApps can store value, and transactions can be sent throughout their eco-system in a seamless fashion.
There is little to no friction between the dApps, menaing the synergy between Ethereum dApps facilitates the expansion of dApps on dApps, with each one integrating each other’s technology, opening up endless possibilities.
They are censorship resistant, meaning anything integrated onto the blockchain will be there forever. Even dApp creators will not be able to change things without a majority consensus.
Dapps Offer Transparency, Data Ownership and Rewards
All dApp records are stored on an open ledger that records everything on the Ethereum blockchain. This encourages transparency and trust, and anyone within the dApp eco-system, whether it’s an investor, developer or just a user ensures the network effect of the dApp will bloom.
All dApps are different, but with many of them you will be able to earn a reward for helping to validate the transactions, while at the same time securing the network, just like you can with Ethereum and Bitcoin.
They will also put the ownership of data in the owners’ possession. Data is a most valuable asset that we have given to the likes of Google and Facebook for the convenience of a “free” platform. But dApps will reverse that, and put us in charge of all the data we make.
- Building Ethereum dApps: Decentralized Applications on The Ethereum Blockchain
- Ethereum Projects for Beginners: Build Blockchain-Based Cryptocurrencies, Smart Contracts, and DApps
- Mastering Ethereum: Building Smart Contracts and DApps
This world is not far away. A paradigm shift in the way we view software is approaching, and because of the immutability and security of Ethereum, the possibilities for dApps far exceeds what can be created on typical web applications.
Bitcoin was the first dApp. It’s a currency, a hard money, that has made us reassess our definition of a currency and money, and it has opened up the possibilities of a decentralized network. One that is open and trustless. Bitcoin will be the future of money, but the future of the decentralized web will be powered by smart contracts.
Mass adoption of dApps is still years away, and there certainly isn’t just one definition of what a dApp is, but we know that with immutable blockchain technology, we have a chance at evening out the playing field.
Author: Tommy Limpitlaw